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Stock Market & Financial Investment News

News Breaks
April 7, 2014
10:00 EDTAVGO, BCR, CSX, RDC, KMT, ANN, APC, OLN, NYCB, CNVR, DHI, STO, MAT, AEOOn The Fly: Analyst Downgrade Summary
American Eagle (AEO) downgraded to Underperform from Market Perform at Cowen... Ann Inc. (ANN) downgraded to Perform from Outperform at Oppenheimer... Avago (AVGO) downgraded to Buy from Conviction Buy at Goldman... Conversant (CNVR) downgraded to Sell from Neutral at Goldman... Kennametal (KMT) downgraded to Underperform from Neutral at BofA/Merrill... Mattel (MAT) downgraded to Underperform from Market Perform at BMO Capital... New York Community Bancorp (NYCB) downgraded to Underweight at JPMorgan... Rowan (RDC) downgraded to Underweight from Equal Weight at Morgan Stanley... Statoil (STO) downgraded to Sell from Neutral at Goldman... Olin Corp. (OLN) downgraded to Neutral from Buy at Monness Crespi... CSX (CSX) downgraded to Neutral from Buy at Buckingham... D.R. Horton (DHI) downgraded to Underperform from Market Perform at Raymond James... Anadarko (APC) downgraded to Accumulate from Buy at KLR Group... C.R. Bard (BCR) downgraded to Neutral from Buy at BofA/Merrill.
News For AEO;ANN;AVGO;CNVR;KMT;MAT;NYCB;RDC;STO;OLN;CSX;DHI;APC;BCR From The Last 14 Days
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July 28, 2015
05:21 EDTSTOStatoil to change reporting currency to USD from NOK from Q1 of FY16
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05:19 EDTSTOStatoil reports Q2 EPS NOK 3.15 vs. NOK 3.75 last year
Reports Q2 adjusted earnings NOK 22.4B vs. NOK 32.3B last year. Reports Q2 adjusted earnings after tax NOK 7.2B vs. 9.9B last year.
July 27, 2015
06:20 EDTRDCU.S. oil firms preparing for extended job cuts, WSJ reports
U.S. energy companies intend to cut more jobs, sell more assets, and engage in more financial maneuvers to deal with the recent drop in U.S. crude-oil prices to below $50 a barrel, the Wall Street Journal reports. Companies have started to warn that more layoffs will come, particularly Halliburton (HAL) and Baker Hughes (BHI), who disclosed last week that they had cut 27,000 jobs between them, the report says. Job cuts for the industry are beginning to extend to engineers and scientists, the report adds. Publicly traded companies in oil industry include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Other publicly traded companies in the space include Baker Hughes (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT). Reference Link
July 24, 2015
16:22 EDTBCROn The Fly: Top stock stories for Friday
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July 23, 2015
17:33 EDTBCRC.R. Bard sees Q3 EPS $2.21-$2.25, consensus $2.28
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17:32 EDTBCRC.R. Bard raises FY15 EPS view to $9-$9.10 from $8.95-$9.05, consensus $9.02
16:29 EDTBCRC.R. Bard reports Q2 adjusted EPS $2.27, consensus $2.18
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15:04 EDTBCRNotable companies reporting after market close
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10:08 EDTMATOptions with decreasing implied volatility
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09:17 EDTOLNDow Chemical sees $5.6B value in Olin Corp. deal, including ethylene rights
Expects debt pension liability and share count to be down in the Olin deal. Dow sees adding $1.3B in cash with Olin transaction.
07:43 EDTAEOStephens to hold a tour
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July 22, 2015
14:51 EDTAVGOEarnings Watch: Qualcomm reports after speculations of potential breakup
Qualcomm (QCOM) is expected to report third quarter earnings after the close on July 22, with a conference call scheduled for 4:45 pm ET. Qualcomm is a maker of semiconductors and telecommunications equipment. EXPECTATIONS: Analysts are looking for earnings per share of 95c on revenue of $5.85B. EPS consensus ranges 90c-$1.05 on a revenue range of $5.59B-$6.08B, according to First Call. LAST QUARTER: On April 22, Qualcomm reported Q2 EPS of $1.40 against expectations for $1.33, and revenue of $6.89B versus estimates of $6.83B. The company also cut its FY15 EPS guidance to $4.60-$5.00 from $4.85-$5.05 and lowered projected revenue to $25B-$27B from $26.3B-$28B, saying it expects pressure in its semiconductor business due to customer shifts in the premium segment and a decline in Qualcomm's share at an unnamed large customer. NEWS: On May 8, Reuters reported that EU antitrust regulators asked Qualcomm's competitors how the company's licensing and business practices affect them, and on July 16, the European Commission confirmed two formal antitrust investigations of the company. On May 25, Qualcomm and Daimler (DDAIF) announced a strategic collaboration to develop connected car technology. Coming on the heels of Avago's (AVGO) May 28 agreement to acquire Broadcom (BRCM), Bloomberg quoted a source later that day as saying Qualcomm, Intel (INTC), Altera (ALTR), Analog Devices (ADI), Maxim Integrated (MXIM), Texas Instruments (TXN), and Microchip Technology (MCHP) are all considering their own M&A opportunities. Note that on June 1, Intel announced an agreement to acquire Altera. On June 23, Semiconductor Manufacturing International (SMI), Qualcomm, Huawei, and Imec announced the formation of a joint venture to focus on a type of 14 nanometer technology. More recently, the Wall Street Journal reported on July 20 that Qualcomm is "expected" to begin a comprehensive strategic review which may include the possibility of a breakup following pressure from "activist" shareholder Jana Partners, according to sources, adding that the move could be announced concurrent with Wednesday's earnings release. STREET RESEARCH: Following last quarter's earnings report, Exane BNP Paribas downgraded Qualcomm to Neutral from Outperform, while both Canaccord and Brean Capital lowered price targets for the stock after "disappointing" guidance. Meanwhile, Citi said it expects the company's chip business to recover in 2016 despite this "very bad year." On May 28, CLSA said it sees continued pressure on Qualcomm chipsets, potentially spurring the company to consider making an acquisition, and on June 2, Craig-Hallum noted that Skyworks (SWKS) would be a great fit for Qualcomm. On June 24, Summit Research called Applied Micro Circuits (AMCC) an "affordable" target for Qualcomm, with AMD (AMD) and Cavium (CAVM) also looking like potential takeover candidates. On June 29, Drexel Hamilton downgraded Qualcomm to Sell from Hold, citing expected price cuts. Lastly, following media reports on July 20 that Qualcomm could be weighing a breakup, Bernstein said that such a "dis-synergistic" split would likely destroy value rather than create it. PRICE ACTION: Shares of Qualcomm are down more than 1% to $64.37 in afternoon trading ahead of Wednesday's earnings report.
10:15 EDTMATOptions with decreasing implied volatility
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07:04 EDTNYCBNew York Community Bancorp reports Q2 adjusted EPS 30c, consensus 26c
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06:29 EDTAPCAnadarko coverage assumed with an Outperform at Credit Suisse
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July 21, 2015
19:00 EDTAVGOOn The Fly: After Hours Movers
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15:02 EDTNYCBNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 60c... Boeing (BA), consensus $1.42... Abbott Laboratories (ABT), consensus 50c... Thermo Fisher Scientific (TMO), consensus $1.78... EMC (EMC), consensus 41c... Illinois Tool Works (ITW), consensus $1.28... St. Jude Medical (STJ), consensus $1.00... Northern Trust (NTRS), consensus 96c... Check Point Software (CHKP), consensus 95c... Polaris Industries (PII), consensus $1.58... Interpublic Group (IPG), consensus 27c... New York Community Bancorp (NYCB), consensus 26c... B/E Aerospace (BEAV), consensus 76c... Owens Corning (OC), consensus 54c... Knight Transportation (KNX), consensus 37c.
10:24 EDTMATOptions with decreasing implied volatility
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09:27 EDTBCRFDA sent C.R. Bard warning letter after facility inspection
The FDA sent C.R. Bard a warning letter after inspecting the company's Peripheral Vascular facility. The letter stated in part, "FDA is aware that your firm submitted both in-vitro and in-vivo testing demonstrating the use of the Recovery Cone Removal System, Model RC-15 for removal of the Recovery Filter (K031328), the G2X Filter (K082305), the G2 Express Filter (K080668), and the G2 Filter (K073090). However, the Recovery Cone System, Model RC-15 was not included as part of the clearances for any of the aforementioned IVC filters. Therefore, your firm is marketing the Recovery Cone Removal System, Model RC-15 in the United States without marketing clearance or approval. Percutaneous retrieval systems, such as the Recovery Cone Removal System, Model RC-15, are regulated as manual surgical instruments intended for specialized use within a specific medical specialty, and thus require marketing authorization in order to be legally marketed in the United States." Reference Link
July 20, 2015
07:10 EDTRDCRowan Companies reports fleet contract status update as of July 20, 2015
Rowan Companies announced that its report of drilling rig status and contract information has been updated as of July 20, 2015. The company continues to estimate planned out-of-service time for the second quarter and full-year of 2015 to range from 3% to 6% for its jack-ups and drillships, subject to fleet repositioning and market conditions. No operational downtime is included in projected out-of-service days, but the company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters. Rowan continues to expect drillship operational downtime to be approximately 5% after a break-in period of approximately six months up to one year. Out-of-service days are days where a rig is out-of-service and is not able to earn revenue. The company may be compensated for certain out-of-service days such as shipyard stays or transit periods preceding a contract. However, any such compensation is deferred and recognized over the period of drilling operations. Operational downtime is when a rig is under contract and unable to conduct planned operations due to equipment breakdowns or procedural failures. Unless otherwise indicated, all day rates on the fleet status include estimated amortization of contract mobilization/modification revenues. However, day rates exclude approximately $20 to $30 million of other miscellaneous aggregate annual revenue the company receives during rig operations. Day rates also exclude rebillable revenues which are equally offset by drilling expenses.
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